Share experience with figfx plz

[Guest indoshare]

Hi all,

 

Please share your experiences with figfx broker.

 

For manual trading.. is it a safe broker?

 

Is it advisable to open an account with them?

 

Coz the spread is just 1 pip fixed. for all majors.

 

Please advise.

 

Indoshare

[mrb123]

Can you say "Bucket Shop"??

[soundfx]

indoshare,

 

Steer well clear of dodgy brokers like these. A simple Google search will soon give you the info. you need on them.

 

Here's the title of a post on FPA from earlier this year...

 

"FIGfx refuse to pay my profitmoney"

 

If that doesn't make you steer well clear I don't know what will lol.

 

Any broker offering 1 pip fixed for all majors (with no comission charges) will be trading against you and for them to profit you need to lose, so the odds are stacked against you right from the start. Add to that 1:500 leverage and you have the means to destroy an account in next to no time and line their pockets.

 

The company has no clear address, is unregulated and is a very small operation (a couple of folks running it or even just one person I suspect!). So, even if you manage to survive and avoid the classic "server outages" at crucial times or fake "spikes" or massive slippage always in their benefit or their failure to pay your profits, you run the risk of the whole business going bust overnight and taking all your money with them.

 

I wouldn't recommended trading with leverage greater than 1:100. If you're a scalper then you really need an ECN-style account. Dukascopy could be worth looking at (they do retail accounts with $1K min. balance now - though not sure if they offer MT4). MB Trading ($400 min acc./50:1 max margin) is worth looking at as is ACTBrokers ($5K min account/50:1 max margin) for scalping.

 

If you're trading longer term then forget about trying to get razor thin spreads - you don't need them. Sign up with a well-known retail broker which is properly regulated - GoMarkets, AlpariUK, FxPro etc.